Wisconsin Statutes 193.735 – Distribution of unclaimed property
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 193.735
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
(1) Alternate procedure to distribute property. Notwithstanding ch. 177, a cooperative may distribute any property required to be reported under subch. IV of ch. 177 to an entity that is exempt from taxation under section 501 (a) of the Internal Revenue Code. A cooperative making a distribution under this subsection shall file all of the following with the secretary of revenue before making the distribution:
(a) A verified written description and explanation of the distribution.
(c) The name, address, and exemption number of the entity to which the property is to be distributed.
(d) The approximate date of the distribution.
(2) Reporting procedure not affected. Subsection (1) does not affect the requirement that a cooperative report property under subch. IV of ch. 177.
(3) Owner’s right extinguished on disbursement. The articles or bylaws may provide that a distribution under sub. (1) extinguishes all rights of the owner in and to the distributed property.